all right everybody welcome back to the

all-in podcast

our incredible comedian celebrity guest

got sick at the last minute today and

didn't make it we won't say who it is

but my Lord when he comes on this show

you are going to laugh your ass off

because he's awesome I like the

comedians I think that their takes on

society and culture are pretty

interesting I think do you think it will

work in our format what's your

prediction here we've never done it I

think the quality of the show is best

when it's less just people doing takes

and it's more the back and forth banter

so yeah that's what I'm always trying to

do is get the ball to go around the horn

and get some real dialogue going here

but uh you know sometimes people feel

passionate with me again this week on

the all-in podcast David freeberg and

shth poopaa my name is Jason cakenis you

can follow me on x.com Jason he's choth

and he's why why can't I why can't I

make fun of you in the replies on

Twitter

anymore oh because AB apply to you no

what I did was my replies were so many

Maga lunatics and crypto scams that I

had no choice but to like I had to do

something because I would have like 500

replies to every single one and I put it

on subscription and I said if you want a

reply it's $3 a month now 1,500 lunatics

signed up so I did I did so I could

troll it just so you can troll me and I

thank you for the $3 every month it's

all going to

char let your winners

ride Rainman

David and instead we open source it to

the fans and they've just gone crazy

with it love

you you want an intro to the show or get

some warm-up an about Jeopardy or do you

want to go right into Epstein the letter

from Pam to cash is is crazy dear

director Patel before you came into

office I requested the full and complete

files related to Jeffrey Epstein in

response to this request I received

approximately 200 pages of documents

late yesterday I learned from a source

that the FBI field office in New York

was in possession of thousands of pages

of documents related to the

investigation and indictment of Epstein

despite my repeated requests the FBI

never disclosed the existence of these

files when you and I spoke yesterday you

were just as surprised as I was to learn

this new

information by 8:00 a.m. tomorrow

February 28th the FBI will deliver the

full and complete Epstein files to my

office regardless of how such

information was obtained there will be

no withholding or limitations to my or

your access my question to you guys is

do you think that this is much to do

about nothing then that the FBI needs to

have the discretion to be able to say no

or do you think this is one of these

things where you're not allowed to uh do

what they're doing I think it's above my

pay grad I don't know the law of like

FBI

investigations and then what if they

investigated a bunch of people they were

not guilty and then they were in the

files maybe they need to look at them

before they do a document on maybe

there's informant in there I'm trying to

think of what happened with like The

Whistleblower papers from um this says

something different this doesn't say

let's negotiate what we should release

together so that we protect people this

says

we're just gonna lie to we're gonna lie

to you and tell you that you know here's

here's that's her side to the story

maybe they have another side maybe the

FBI has a different side we have to hear

from them right is this just like people

are intrigued by the gossip angle of it

or is it because they want to prosecute

people for hurting people or is it

because they want to cancel people and

this is a nice opportunity to cancel

like what's what's what's the I think's

happen interesting question because this

thing's been going on for 20 years I

think this actually has more to do with

conspiracy there is and now the Deep

state like is there a deep State cover

up is the question I think the question

is if the chain of command requests

something are you allowed to withhold it

because you decide in your own judgment

that the person above you doesn't

deserve to know it I think that's an

important question yeah the thing about

the FBI is the FBI can withhold

information from the president from

other folks if there's an ongoing

investigation sources are like secret

and they would be Jeopardy and National

Security concerns I'm I'm reading here

so I'm very excited to see these next

two days unfold listen it's a breaking

news story we'll have more to say about

it next week when we get the facts all

right it has been an amazing 24 hours

for my guy David freedberg I am so proud

of you if people don't know David

freeberg was on I'm sorry Celebrity

Jeopardy this week and he had a great

performance Je you can't say that I

can't say it you're right bleep it out

bleep it out so you were on celebrity

quote unquote Jeopardy shows you how

much of a bar there is the bar was

pretty low they they're now inviting

podcasters apparently but Jeopardy's

watched by like 10 million people every

episode right yeah they have like a huge

audience on regular Jeopardy I think

it's like 9 million a night or something

or seven seven to n million a night yeah

but I think Celebrity Jeopardy because

it's like later it's got a smaller

audience but it's still like couple

million people watch this thing which is

crazy so you were on and for the last

four or five months we've all had to

like bite our tongues and you've been in

a full scale I don't want to say panic

but you've been hand ringing about your

performance and spoiler alert freeberg

won not only did he win heing crushed it

I was like watching this this was like

better than watching the World Series of

Poker or a Knicks Warriors game for me

here is my my favorite M moment the

Allin call as a tribute he gets the deli

double and I'm going to go Allin Ken oh

okay how dare you 12,800 for Dave but

you have to be correct in African

geography known for its snows this

Tanzanian Peak is both Africa's highest

and the world's tallest freestanding

Mountain what is Mount kilamanjaro that

is correct

12, what did you think of that moment

Shan he goes all in and these people

they think that they're to get freedberg

by giving him a question about Africa

not knowing that he's

african-amer honestly like a

six-year-old you guys want to hear

something crazy so sixy old should know

that category no that so that category

African geography I was at dinner the

night before with our friend Xander and

his wife uhuh and we started talking

about their son was taking a quiz on

African geography and they started

giving me all the questions and we were

actually quizzing at dinner the night

before on African geography it was like

a Slum Dog Millionaire moment and I was

like in my head I'm like there's no way

that's real that that actually happened

we literally were just talking about

African geography at dinner the night

before and I'm like the judges had to

have been listening or something but but

you were nervous you talked about being

nervous and your techniques our friend

Jason but the we actually are lucky

enough to play with one serious

professional poker player in our game

Jason comes to to the game and he

coached you a bit what did he what did

he what was his advice to you well I was

a little wound up because I watched

Jeopardy my whole like since I was a kid

right I mean I don't watch it regularly

but like a couple months ago I was kind

of watching the show I kind of reached

out and was like Hey you know do you

guys know anyone on the show and that's

how I got like hooked up so and I'm like

wait I'm really going on that's awesome

okay and they're like you're going on

Celebrity Jeopardy so I watched the

Celebrity Jeopardy episodes from last

season and and I figured I could get

like 60% of the answers but you get

there and you don't realize how hard it

is to buzz in in time because if you

buzz before the light turns on I've

heard this over and over how does it

work because you bought I understand an

actual buzzer to practice with am I am I

correct you did this well yeah I bought

this cheap buzzer on Amazon the pressive

but it didn't do anything so I'm

watching the TV at home watching old EP

Celebrity Jeopardy episodes from last

year and I'm like oh buzz in buzz in but

the problem is when you're there you're

not allowed to buzz till the light comes

on and if you buzz too early you get

locked out for a quarter second and that

quarter second makes a huge difference

so I was actually behind the people I

was against most of the show I felt when

I was buzzing in I'm like I know the

answer and I kept missing I kept missing

so I still did okay obviously but wait a

second let me ask you a question about

that buzzing thing a light goes on when

does the light go on when the question

is finished or after half show the

question on a huge screen so the whole

screen gives you the question right away

when so you can read ahead so you can

read ahead just read the whole thing

boom yeah then you have to wait for Ken

Jennings to finish as soon as he

finishes enunciating the last syllable

of the last word the like turns on but

here's what I found out there is a delay

of about 150 to 200 milliseconds

difference between your eyes and your

ears you actually hear stuff before you

see stuff and which is really

interesting like for your brain to

register it and people have different

different delays but for me I'm like

waiting for the light and then I buzz in

and it's too late because the people

next to me have buzzed in so speed of

sound vers but anyway I was a little I

was a little wound up going into this I

called Jason because I realized

there's no upside by the time I show up

I'm like I'm gonna look like an absolute

idiot for saying some stupid stuff

getting answers wrong which of course

everyone texts me last night being like

how' you miss hoers how'd you miss this

all right you since you're bringing up

the big

Miss Daily Double oh man you get the

Daily Double

16,000 crushing crushing crushing their

soul not my best category I'll go 4,000

look great even 20,000 if you're right

climactic Moments in Sports movies Jimmy

Chitwood buries a jumper from the top of

the key to win the Hickory Huskers the

Indiana State

Championship what is Hoops sorry no what

am I doing you were right I'm so

embarrassed watching it I can't watch

dream come on dude I whoer I know I know

hoers I mean come on Jean hman he died

today and no one sends me a text being

like oh I can't believe you got that

answer great job everyone just sends the

text how did you not get hooers how did

you not get cream it's always like oh I

knew the answer you're need I realize

different and I realize as I'm walking

in Jeopardy I'm like you know what

there's no upside because what'll happen

is everyone will just call you an idiot

for the things you miss which is well I

mean and let's face it you're the Sultan

of science you went to an

you worked at Google so there's an

expectation you should run these people

over you did run them over for you know

who you're facing in the semi-final we

don't know until all the quarterfinals

are over and that'll be in the next

couple weeks here when you see a

category come up like the hooers one

right I think that one was about sports

movies right yeah that was uh Sports

movies like big so don't you when you

see Sports movies in your head catalog

probable answers like

Rudy and you know Field of Dreams

yeah so you had all those ready to

go like look I'm not a guy who gets very

nervous I don't get like stage fright or

like wound up but for Jeopardy it's so

weird you're up there and you can't

focus or concentrate like you normally

can my brain had these like weird brain

farts where I'm like I know the answer

why isn't it coming out or I buzz in and

I said like Beethoven instead of De I'm

like why did that come out God for CLA

Delon you don't have to I mean dude

don't get me started so there we there's

weird stuff that happens up there that's

really hard to explain and then you're

angry about the buzzing you can't buzz

in in time and you're on the set of

Jeopardy and it's like oh my God I'm

actually on the set of Jeopardy it's all

real and you're like watching the scores

very it's very overwhelming there an

audience yes there is an audience yeah

like a 100 people there about 100 people

yeah yeah W that's nice yeah before you

go on the the show they have you do a

practice round in front of the audience

just so you get everyone gets used to it

and I deliberately answered wrong and I

was like acting like an idiot and acting

like I couldn't buzz and acting like I

didn't know theed I tried to be like he

I tried to be a little so diabolical

yeah I don't really know what I'm doing

here sharp elbows yeah and then I Came

Out Swinging and I felt like I had to

kind of get aggressive out the gate and

you yeah I've done that before in a bar

fight once I was like guys guys we don't

need to get in a fight and then like

bang I just clocked the G anyway we're

so proud of you you won you trounced

them I have to say the for the Humane

Society United States all the money went

to charity Humane s of the US how much

did you make for them in the end if you

win the whole tournament it's a million

dollars and thenot of do food as the

winner your charity gets more and the

losers their charity gets less but it's

a fixed amount it's like 30,000 or

50,000 or something like that nice I

think they should put the three of us on

together normal episode that would be

crazy oh my God I would wreck three of

us were on I would wreck your ass no you

would not I will play you heads up

Jeopardy anytime for money let's play I

say we play poker we'll play for all of

the Allin

profits I'll give you two retards twox

the chip stack and let's see what

happens oh my God and that sounds so

compelling would you do it actually J

would you do that would you do it all

the profits all the profits I do it for

all the profits but I would carve out

25% of the profits for a four-way

tournament that was televised live if we

could get 2 million in sponsors then

we'd be up no matter

what grift endless not grifting I'm

thinking like a business the whole point

is no I want to do this so that I

inflict pain on one of you or both what

gives Chim happiness is hurting others

that's we that's his love language his

love language hurting the people he

loves love language is hurting the

people who love him I like putting you

two to the test and I like to see you

two break okay this what makes him feel

good anyways did you guys see Brett

atc's tweet no what did you say friend

of the Pod Brett atock who's a CEO and

founder of figure he just announced

today that he's moved his timelines up

by two years he's going to Beta Testing

robots in the home by by the middle to

end of this

year that's crazy

crazy crazy I mean are you an investor

in his company I don't talk about my

investments but in this casos here but

in this case no I'm not an

investor so we're not talking a book

here I do think Optimus and this figure

and the other this about a dozen of

these doing it credibly if they can make

these for what shamama 20 grand when do

you think it becomes something a middle

class household you know dual income

household would buy one of

these five years from now 10 years from

now how how could they be well I think

the issue is bounded by two things one

is

that I'm not sure that the generalized

AI is good enough yet and what he did

was he had a deal with open AI which he

pretty publicly cancelled a few weeks

ago m and he announced his own model and

I don't know the details of it to know

whether he rolled it himself or this is

just like taking some open source based

model and iterating from

it but I think the model is not perfect

yet to be general purpose that's one and

then the second is a practical issue

with the robots which is that the

actuators themselves are good but

they're not great and you can see it in

in the demo where it's an incredible

demo because it shows the value and the

power of the model where there's sort of

this Master Slave orientation that has

to happen where one model is actually

doing most of the computation and the

second model and the second robot is in

feeding off of it and the demo that they

do Nick you can probably find the video

is of them sorting a bag of groceries

for the first time totally unsupervised

which and it's it's an incredibly cool

demo it's a cool demo the thing that

that you notice though is that the

actuators are good they're not great and

so the physical dexterity is still

relatively limited and I think that that

doesn't allow these robots to be super

functional in the next couple of years

but when they get that figured out then

I think it could be really useful

because if you have a robot like this

that could sort the groceries make food

do the laundry mow the lawn so to speak

it just requires a level of dexterity

that's not yet totally possible but see

in this example what you're seeing are

the two robots basically figuring out

how to communicate semantically between

the robots and that's incredibly

powerful and it's yet another sort of

breakthrough that we need so I don't

know we're probably like a couple years

away but see look at the dexterity there

he's taking the pepp farms and feels

like he's crushing the pepp Farms or she

or whatever you call this robot they

then please don't misgender the robot

but it's it's really incredible they're

figuring the the coolest part of this

demo by the way which I loved was they

take an apple and then the second robot

figures out that it should go in the

fruit bow pushes the fruit bow to the

first robot and then the first robot

that's cool there it is but that level

of semantic awareness and understanding

between two models working

dependently is very cool look at that

that's very cool they're collaborating

with each other makes total sense I can

tell you here on the ranch I would love

to have an allpurpose robot going out

there and using the weed whacker and and

trimming the the the the bushes and the

hedges and getting me wood and

collecting chicken eggs like there's a

million things they could do on a ranch

it be immediately applicable for ranch

work and if they're 24 hours a day it

doesn't matter if they go slow but I I

think this is the category people are

sleeping on and I I don't know who on

the on our prediction show said this

will be the year of robots but it's been

this is the year of robots for 30 years

in the industry and it does feel like

this is it freeberg you're sticking with

your prediction I assume yeah I am yeah

I think it's

also it's not just this kind of

dexterous automation but but I do think

drones autonomous

vehicles I put them all in the same

category where there there's some it's

some combination of mechanical response

to a machine Vision

system that uh I think has become like

accelerated this year you need a lot of

rare Earths to make robots yeah where

could we ever get those from H does

anybody owe us a little money is anybody

behind on their payments maybe The Vig

could be a little you know taste

I don't know if you guys have seen this

but there was a company in the 90s that

was all the rage called segue they were

going to absolutely change cities and

everything and they never did but it was

basically like a scooter you could walk

on and had a a balancing uh kind of

system to it but they made robots and

here they're making these lawnmowers now

and these lawnmowers are really like

cheap they're a th000 bucks and they

work here in Austin I have seen two or

three of these on people's Lawns this

could be like you know what was the one

that you did in your house Roomba so

your point freeberg there will be

Purpose Driven ones to deliver you a

burrito do your lawn Etc and a room is

like three or 400 bucks I think and this

thing's a th000 bucks man this is going

to get crazy I do think it's it's a lot

harder to create one of these general

purpose systems in automation then

create like vertically or kind of

utility specific automation system so a

device that just does one thing delivers

something to you in the air or drives

your food to you or loads and unloads

your dishes you know I'm not sure if

that's the whole the whole idea of the

humanoid is it's ambitious yeah it is a

general purpose device and it makes a a

technically very hard road map I got to

imagine some of the bulldozers out there

are also now becoming remote controlled

so you can get like a a bulldozzer that

you have to put in a dangerous situation

and their remote control and they're

going to have ai so I got pitched on a

startup one time that was to go up into

Tahoe Hills and allow humans with remote

controls to drive Jam off little

bulldozers and make fire pths so imagine

some fire breaks out you send in or

helicopter in the bulldozzer no human in

it just got a 5G connection or a

starlane connection and Zip Zip Zip

you're doing fire roads in the middle of

the smoke dense area it's going to be

really interesting when these things uh

get dialed in and they're getting every

day I'm going to ask Brett to be a ba

Alpha tester of one of these robots in

my house and then we'll go and do we'll

do a segment that would be great excuse

me

robot can I get some more morels toot

sweet morels let's talk about stripe I

thought the the report was really good

we had the cison brothers on last week

they crushed it great job to them and

then um here is a quick summary so uh in

terms of processing volume Aden 1.34

trillion stripe at 1.4 trillion I mean

that's incredible that they're both in

the almost the same exact space one's

growing 33% strip going 38% valuation

Aden 56 they're public stripe private

91.5 billion I guess that's the private

Market premium employee account very

interesting here since we've been

talking about uh Jamie Diamond's uh rant

last week Aden 4.3 th000 stripe over

8,000 and uh both are profitable aden's

got a billy in iida which is

extraordinary but stripe has a higher

margin what's your take on aala Two

Cities here I thought there was three

takeaways the first takeaway for me was

the value of Stripes ecosystem is is

probably underappreciated I think

Patrick mentioned it but he just kind of

said it as a passing fact and none of us

picked up on it but in the report they

talk about all the additional products

that they're able to build around core

payments and one of them is the billing

product it's half a billion dollars a

year of ARR that's just incredible and I

think if they figure out Network effects

inside of the stripe ecosystem that's

interesting so that's first which is The

Hubb and spoke of of payments being at

the center been all of these other

incremental Services I think that that's

really interesting and underappreciated

for stripe that probably speaks to why

there's such a difference in valuation

because aen has less of that ecosystem

or at least it's not nearly as well

described maybe as Stripes is that's

number one second is I go back to what

I've been saying for a while now but the

the rise of these stable coins is really

interesting the stable coin

infrastructure globally the push for a

bunch of these National governments to

embrace them inside of India inside of

Brazil slowly it's happening inside of

the United States so I think that that

was really

interesting and then the third takeaway

Nick I sent you this tweet was just the

the nature of the

AI ecosystem relative to the rest

of SAS and what this is was from Stripes

report which showed the time to get to 5

million of annualized Revenue and the

average SAS company took 37 months and

by 2024 the top 100 AI companies got

there in 24

months I mean that's efficiency in the

market right I mean that's why we're all

looking at AI saying we could see a lot

of our economic issues come from growth

and the growth is very clear you can do

more with less and you can generate more

Revenue with AI so it's it's pretty

clear the trend yeah jaman I think it's

really clear I mean I can give you a

little factoid from 8090 you know we got

to 5 million of Revenue in three

months really crazy couple of WS in

there yeah couple of big ones yeah and

so it's just a very different selling

motion than than I've historically seen

where the ROI is just so obvious in

terms of the efficiency that it creates

and the cost savings you can generate

relative to traditional enterprise

software it's a more straightforward

sale the ROI is clearer the revenue is

bigger it happens faster yeah so there's

also I don't know if you're seeing it

but there's a sense of urgency in the

market right now people feel like they

have to adopt this new technology fast

because there's competition because the

gains are so clear because in a slowing

economy this is maybe a way to

accelerate Revenue I'll be honest with

you at least with the our 8090 customers

I haven't seen that yet you know we're

in

I don't know eight or nine segments of

the economy big segments of the

economy it's more still about the

frustration that they have with what I

would call the software industrial

complex there's a big and you you can

see it with what's happening to

Salesforce and other big companies is

that these renewal Cycles are getting

harder and harder to

justify and so people are willing to

take some bets and see if there are

different ways in dealing with this

problem and I think that's the real

opport

is if you can find a repeatable

pattern to help these companies replace

that big software spend that they have

yeah that scales really quickly and the

only way to do that really is using AI

in two ways AI inside the Machinery of

what you're using yourself to make the

things right so those are things like

cursor and whatnot to just fully

accelerate and then AI within some very

specific product that the customers

actually need that also create

efficiency so there's two different

places but the problem with using it in

both of these two different places is in

the first one you can manage the errors

it's very it's very straightforward at

the end of the day code either compiles

or it doesn't so even if you're using

something like cursor which is an

incredible product there are no errors

at the end of it because the thing

actually works or it doesn't the problem

is actually when you use these models in

actual work and if you're in a regulated

environment particularly it gets very

complicated because if you generate a

hallucination in a healthare business

and it causes a you know patient record

to be incorrect there are huge

consequences

there and that we haven't solved yet

that exists in regulated Finance it

exists when you're dealing with real

estate and construction it exists when

you're dealing with power it exists in

Aerospace right imagine if an llm helps

you design a plane better but if there's

a tolerance error and that's not well

understood that could have you know

horrific consequences Downstream so we

we're we're working with all these

people to try to figure it out it's a

very difficult technical challenge but I

just thought the stripe data was really

interesting because it validates what

we're seeing which is the the growth in

this industry is it's not like anything

I've ever seen before back to the stable

coins here's a look at tether they're

at43 billion in tethers out there who

knows what's reality there they've got a

little bit of a shaky history

and then usdc Jeremy oair is at 56

billion already and that's only been in

existence since like uh really an

Earnest like 2021 I do think strip's

main business could be for sitting here

in five years jamath could be sitting on

$300 billion and getting whatever it is

3 four 5% on some coupon right they

could be making 1020 billion in pure

profit if they uh have a stable coin out

there that gets widely adopted yeah and

and I and I think the best way for

stripe to actually do this is just to to

build it and to actually facilitate

payments between existing stripe

customers because again it's sort of

what I said last week these are all

ultimately Ledger entries and I think

that the more that you can commoditize

these things to be a simple Ledger entry

inside of two systems of record at two

companies that's a much better product

feature I think stripe has the scale to

do that now and to your point they could

have an enormous stable coin business at

the same time they're probably better

off just embracing what's already been

built it may be disruptive to try to

launch yet another one I don't know they

bought that other company so I got to

think they'll launch their own but

bridge is the facilitation layer it's

the rails yeah but I mean I think you

know this is where brand comes in if you

have a trusted brand amongst developers

and uh there's three choices are they

going to take tether which people go H

maybe it's a little sorted it's offshore

I got some challenges there am I going

to use USD see okay I haven't heard of

it but okay yeah they sound interesting

oh I'm going to use stripe I'm going to

go right to stripe it's kind of like the

IBM you know or Microsoft of payments

nobody gets fired for picking shrip I

would say so not anymore not anymore

right let's go through the market update

here a lot of people are trying to

figure out are we going to have a market

collapse a boom let's just look at some

of the numbers and have a a first

principal discussion here S&P up almost

2% so far this year NASDAQ 100 flat Dow

up 3% so pretty good start to the year

in those index numbers but if you look

at the max 7 some of them have some had

some serious compression Tesla down 27%

I do think that they had a big Trump

Elon Spike Google down 10% Amazon 9

Microsoft about 8% meta Apple Nvidia

were up to varying

degrees and then coming into our taping

this week Bitcoin down 15% over last

month that too got the Trump

bump and then adding to all this

confusion unemployment is still at

historic lows we're at close to 4% and

if you look at the deportations that

were promised they've been modest to

start obviously they're just getting

started they need some money to deport

folks but they've only been deporting

500 people to a th000 a

day and we haven't heard many numbers

about the last couple of weeks as Doge

has been sort of the center of attention

so you know they'd have to get to two or

3 th000 people a day to have low

Millions let's say Cham two or three

million people deported for it to have

any impact on

unemployment finally act three and then

we'll we'll get everybody's feedback on

this CPI up 3% year-over-year we had di

down to that nice 2% handle and uh now

it's back a little bit if you remember

in September it bottomed out around 2.4%

just in time for the election

interesting how that happened that same

month the FED cut 50 bips then it cut

another 25 in December and since

inflation's been growing modestly but

steadily not insignificantly so put it

all together trth and what do you think

and then freeberg will go to you I tend

to be sort of in the Stevie Cohen Camp

it's not like the bottom is going to

fall up but there's like a lot of room

for concern I guess is the best way to

put it um Nick I don't know if you can

find that clip that at fi but he had a

very precise summary of how he saw the

world and I I I frankly just agreed with

everything that he was saying so he he

probably can say say better than I when

you take a brew of tariffs on top of

that we have slowing immigration and in

addition now you have Doge I mean that's

austerity we think growth is going to

slow to 1 and a half% from 2 and a half%

in the second half and so I'm actually

pretty negative for the first time in a

while and it may only last a year or so

but it's definitely I think the best

gains have been had and and wouldn't

surprise me to see a significant

correction I think a couple of very

specific thoughts the first is that

you're starting to see this compression

of the mag 7

towards everybody else so this is the

forward PE of these guys and so what

you're starting to see is everybody else

starting to capture back some of the

ground people are processing what the

real upside of of the mag 7 is now if

you go to the other

chart what this starts to show you

though is that MA 7 is really priced to

Perfection and so you have to believe

that the world kind of stays the way

that it is otherwise you're going to

have some amount of of mean

reversion so I think the stock market on

the margin is a little expensive and not

particularly that attractive second the

bond market has basically said okay we

are going to give you credit that doge

is going to work and that tariffs are

going to work so we've had some pretty

meaningful compression in the 10e which

I think is really interesting I think

it's very good for Bess and and for

Trump and I think I've mentioned this

before but we got to go in and you know

refinance 10 trillion in the next six

months

so you could see this thing maybe even

get under 4% if we gets a good string of

data the real problem I think though is

that if you look back and say what does

this look

like the example that I would give you

guys is in 2010 in the United Kingdom

the deficit as a percentage of GDP was

10% and the UK government embarked on a

multi-year austerity plan and they said

we're going to get the deficit as a

percentage of GDP back in line and

ultimately by 2016 it got to 3% which is

where we are trying to get to and right

now we're a little bit under 7% we're

trying to get it to 3% so it's

interesting to ask what happened and

there the bond market gave the UK

government a ton of credit so they kept

rates relatively low and they brought

them back from where they

were that seems like What's Happening

Here Yeah the stock market the stock

market kind of went sideways to a little

bit

down let's see what happens here but the

real big thing is in the UK all of this

created tremendous

dissatisfaction and you had

brexit so I think the question that I

have is is if we go through a prolonged

austerity

program and the frustration amongst the

American populace builds what's the

release valve there the release valve

was Voting to leave the EU here it's not

quite it's not obvious to me what a

release electing Trump was step one and

I don't know if there's something even

more populist than Trump other than I I

think he is the mechanism of

implementing the austerity I think

people want this austerity just the

question is what happens when the actual

byproducts of that austerity are felt by

people for six or seven years I don't

know what the answer is certainly people

are in favor of Doge and downs serving

the government more than I think anybody

anticipated people are the statistics

are showing and the polls are showing

freeberg that it's incredibly popular

when you look at

this I don't want to say conflicting but

it's a lot of

different conflicting data here as to

what's going on what do you what are you

you see in the numbers here and what

does your instinct tell you

because part of this I think is getting

used to Trump again right like he says a

lot of stuff some of them are scary some

of them

are just trolling and everything in

between so what are your thoughts here

or Market's just adjusting to the the

new uh the new team back in town the big

question in the Trump actions is around

tariffs versus the tax cuts that are

being proposed versus the the spending

cuts those are kind of of the three

levers and there's a very serious

sensitivity to the economic outlook for

growth and inflation as a function of

how far each of those three levers are

pulled and how they relate to each other

is Trump actually going to pull forward

the cuts that he has talked about or

that elon's talked about how real is

that there's a whole spectrum of

opinions on that right now on one end

you're looking at the house and the

Senate reconciliation process for the

budget proposal that they've put forth

and you're going to scratch your head

and be like are we really cutting enough

relative to what the economists and

others are telling us we need to do

meanwhile you've got Elon and Trump

saying hey we're cutting we're cutting

we're saving we're going to get to a

trillion dollars a year but that's not

showing up necessarily in the budget is

it showing up in the actions out of Doge

TBD so there's a whole spectrum of

opinions on the cuts on the Tariff side

there's a spectrum of like how far are

these tariffs going to go you know the

United States up until 18 something

was entirely tariff driven in our

federal government's revenue and it was

a way of being kind of protection to the

industry here and then over time the

tariffs rates came down and down and

down as we introduced an income tax

which started I think at 3% right after

the Civil War and went to 5% for high

income earners and then obviously in the

20th century that's totally flipped now

we have like no tariffs and a 50% income

tax for the highest bracket so can we

actually revert back to a tariff driven

an income model for the federal

government and what is the economic

effect on growth for Corporate America

in that world where taxes get cut for

the companies and for individuals but we

make all of our money from global trade

does this the The increased cost of

global trade hurt companies more than

the benefit of paying fewer taxes lower

taxes that's the big economic argument

that's underway right now and it's funny

it kind of seems to fall along political

lines believe it or not much like

everything else you know like economists

that uh that are democratic aligned are

Dem my party doing uh I agree with that

yeah yeah exactly and so the Democrat

align economists will say the tariffs

don't make sense they reduce uh economic

growth they have a negative effect we

shouldn't be doing that and then the

Republican Allied economists are saying

the tax cuts will more than make up for

the reduce the reduction from the

tariffs and that's the big unknown right

now um so I would say that the spending

cuts wide spectrum the income tax cuts

big Spectrum on what's actually going to

get done here and then the tear Up's big

Spectrum on how far this is going to go

and so those three things you've got

like three very wide ranges of things

that all interplay that ultimately

determine inflation economic growth

government deficits over the next decade

and we don't really have a clear picture

yet of how those three things interplay

and they're all being hotly debated and

by the way there's High variability

they're changing dayto day every day

Trump's like this tariff that tariff

yesterday there's a whole bunch of

confusion on tariffs today there's a

whole bunch of like discussion on how

far the tax cut extension is going to go

in the reconciliation process and on and

on and on so TBD I encourage people to

use my 72-hour Rule and look at what

happens 72 hours after Trump says

something spicy because a lot of times

he's just he says a lot of things and

not just Trump like yeah but the house

and the Senate they both put forward

their their budgets right now they go

through this reconciliation process and

there's a lot in there that leaves a lot

to be desired if you're if you're a an

absolute like you know fiscal

conservative and you're trying to get us

to 3% deficit as a percent of GDP you're

like wait a second does this do enough

and the tax cuts are 4.5 trillion over

10 years so you know it's approximately

450 billion a year if you're trying to

catch up how are we doing tax cuts but

Jal remember you can't make those

statements as fact because a lot of

those over 10year projections are

projections based on someone's estimate

of the economic effect of the tax cuts

so there's also a lot of debate on that

which is hey some people are saying if

we make these tax cuts the economy will

grow faster than this particular the CBO

economists will estimate the CBO

economists are trying to be conservative

so there's a whole lot of debate going

on right now on like how much is this

really going to cost and people like oh

my God Trump is talking about raising

our deficit so much over the next decade

but then there's a different point of

view which is wait a second if you

assume that the economy will grow

because of these Cuts then that's

actually not true and then there's all

these wild cards around the golden Visa

card yeah we're about to get to that

yeah are the tariffs going to be a

trillion a year are they going to be2

trillion dollars of Revenue or no knows

it's just a negotiating position just a

negoti so no one knows yeah no one knows

so that that's my I think main point is

this uh this Administration is all over

the place you know and the cuts are

great but's right the B market tells you

a lot the fact that the has the 10 year

was was peaked at 5% two two weeks

before the election and then it peaked

again the second week of January at

4.78% now it's down to 4.26% today so

it's come down by a full half a point in

the last month which tells you a lot

about the expectations on inflation and

growth over the next decade and it's

actually a reasonable like sign that we

don't think there's going to be rampant

inflation over the next decade based on

some of the policy decisions and actions

that are being taken by this

Administration so I would say there's

some indication that if if you were to

kind of try and decode the Enigma of the

three things that we talked about are

going on you know it's generally kind of

deflationary to some extent or it's not

inflation are you optimistic just net

net Dave you optimistic about this next

foure period or not I'm honestly pretty

uncertain and I'm pretty unhappy with

both um the Senate and the house budgets

personally I don't think fat too many

Cuts I don't think there's enough action

in there I don't think that and it's

weird because you hear Elon talking to

all the members of the the cabinet and

he's pretty clear-cut hey we've got to

save this government is in a debt spiral

we have to fix this problem Yad yada and

then it's sort of like business as usual

which like I said when we were in DC

that was exactly my observation for

every Senator representative member of

Congress that we met with or that I

talked to at a cocktail party it was the

same it was like I got to get

this for my people that's the goal and

we've turned this Federated Republic

into a whole bunch of elected

representatives showing up in DC

scrambling and grabbing money for their

constituents that's what they were hired

and elected to do and it's a really

unfortunate circumstance that no one

looks out for the better interest of the

US dollar over time and says you know

what we've actually got a limitation on

us and that limitation should be less

than 3% deficit to GDP that's our budget

that's our Max budget and start from

there and then do a buildup yeah yeah I

mean chamath I think Collective action

aside you've been talking a little bit

about this I don't know if it was a

couple weeks ago you were tweeting about

the great reset Theory and there's you

know whatever that is the third or

fourth turning people have been talking

about you want to uh maybe encapsulate

your thoughts I think you have to figure

out

what the goal is so one goal is you

could say that the Republicans want to

have consistent political power right

that's a reasonable goal the Democrats

want that too right a different goal

would be to do what freedberg said we're

going to go and take the lumps because

we are going to defend the dollar and

The credibility of the United States

we're just going to make sure that

structurally it's sound and take the

pain that's necessary to reset that

could be a goal I think the reality is

something in the Middle where you can't

be in one camp and you can't be in the

other because I don't think you can get

anything done and somewhere in the

middle I think the thing that I have

been thinking a lot about is when will

somebody sniff

out

what the great Coalition is that

preserves political power whether that's

the Democrats or the

Republicans the reality is that you will

have a consistent majority if you get

three cohorts of people together cohort

number one are the people that frankly

don't have many assets and are the

working in Middle Class meaning they

don't necessarily own homes they don't

necessarily have investments in the

stock market so they don't particularly

care about what's happening there okay

that cohort dominates there was a clip

of

a discussion at Harvard just this past

week about the different political

coalitions that voted for Trump versus

kamla Harris the most important takeaway

that I took from it is that if you make

$100,000 or more a year you're a

reliable Democratic voter if you went to

college you're a reliable Democratic

voter everything else is a reliable

Republican voter but the thing to

remember is that bucket of everything

else is growing faster than that first

bucket so you have this Coalition of the

asset light working in middle class and

then you have other people patriotic

business people and patriotic business

owners and Technology people that care

about Innovation that Maga has been able

to into a

coalition my point is if that is the

consistent reliable thing that cements

political power multiple elections from

now and we've seen this before in the

past where Republicans can go on a

three-term run or you know a four-term

run Democrats have as well in the past

it is bad news for the stock market and

it is bad news for asset owners because

it doesn't reward the constituents back

to Freed Brook's point so if you are

going to feed your constituents and your

constituents don't own stocks and your

constituents don't own homes or they are

so wealthy that they can be inoculated

from a massive draw down in those asset

categories what do you think the winning

strategy

is that is my rough working version of

what

our version of brexit is right so if you

have many many years of austerity what

does it really result in I think if you

want to cement political power I think

it

requires a walking down of these asset

markets in a meaningful way that's

stocks and that's real estate and I just

don't see any other way around it

fascinating the good news is I think

from my perspective is but by the way

sorry last thing I would say that's a

total Theory and I could change my mind

as I get more data but I'm just saying

like I'm just trying to work through the

possibilities and in the distribution of

outcomes that's sort of where my heads

at right now I think it's like a good

mental model because politicians want to

stay in power how do they stay power the

populace has to want to continue to back

and they have to understand what backing

strategies that that reward asset owners

when asset owners are a shrinking

minority is not a good idea well there's

60% of the country own assets but 80% of

those assets are in the top like 10% so

it is definitely weighted heavily people

do have some I guess through their 401ks

in some cases and yeah 60% of people own

a home

61% but yeah I think it's a it's a good

framework the good news is if you look

at every time we have a great

technological Revolution whether it was

the iPhone or the internet now ai that

tends to make uh the most impact on the

economy and So based on what I'm seeing

on the streets entrepreneurship is on

fire right now no but that's not true I

think you're confusing that with how

certain people like everybody has an

iPhone that's true but you're the one

that's talked a lot about this a lot it

hasn't lived lifted average hourly

earnings that much in fact we've had

massive wage

suppression it has rewarded the

employees and the stockholders of Apple

or Google or meta but that's not

everybody well I'm talking more about

yes you're correct it does polarize the

win in apple shareholders right in the

case of the iPhone or Google in the case

of the internet but it does make the

entire populace more efficient and the

United States more efficient since we

LED both of those revolutions I I don't

I think it does I think it it benefits

supremely a small cohort of people

that's why the the denominator goes up

but does it affect individual people in

measurable ways on a broad-based basis I

think that's been statistically proven

is not to be true that's why we have the

populism we have today it's

disproportionately rewarded equi holders

that's

obvious and wage earners it you know

have not had the same escalation but I'm

talking about the United States and our

place in world and our economy when

compared to other countries so I still

think if we lead AI we will still have

the best standard of living the best

overall economy in the world but I love

his what do you guys think about the

golden Visa I love that golden Vis well

this is incredible because I literally

tweeted like six months ago you know we

should just sell citizenship for

$500,000 a pop and he added a zero I'll

give you prediction I'll give you a

prediction I will predict that within

the next few months after this gets

announced

you are going to hear about Founders

taking $5 million of secondary in a

round M to make sure that if they are

non-americans to get their visas 100%

hey uh check out this prediction Nick we

now have a poly Market to trade how many

gold cards Will trump sell in 2025 poly

Market ohk well done I I think what is

the what is the bet well so you either

can have zero okay you can have one to

100

100 to a th000 here's the the different

levels 1, 2500 25 5,000 so you can

basically buy the level that you think

there's an 8% probability right now in

poly Market that by the end of 2025

there will be zero of these golden Visa

sold 25% chance of 1 to 100 177% chance

of 100 to a th000 and so on the most

probable level is actually 2500 to 5,000

which is sitting at 29% probability

right now yeah I'm taking the I'm taking

the way

so what do you think this is by the end

of 25 Jal so you got to get they

basically have to get the pr they still

have to get this done they get the

program up and running and then people

by the so it's by the end of 25 is the

okay so people are really just betting

when can he get the first one done and

then yeah H how many does he get done

yeah I know I'm going to take the top

two I think I might take 5,000 and above

here will you put real money on that you

should do that oh you can't trade it's

not available to Americans but if there

was a way to do it I might do it this is

not uned by the way called the E5 which

I talked about on this where noncitizens

can invest a of money but it's a bit of

a scam I got pitched on it people said

oh we can get you LPS for your fund

here's how it works they invest in some

you knowy fugazi real estate thing you

have to you have to create 10 full-time

jobs is the yeah so there's a bunch of

scams going on about

this5 but I said as your president I'm

going to sell these citizenships and get

100,000 people to do 500k each right and

I said would sell like Tes Swift tickets

I I got to tell you I think out of the

gate Apple meta Microsoft buy you know

one to 10,000 of these so let's say you

were able to buy these and you could

swap them out like if somebody left and

went back to their country you could

still use it you still have the Visa

these would become incredible for

recruiting Talent if you got to get the

CEO of a company over here and you can

offer them that you could buy their

company is that how it's going to work

or is that is it going to be tied to a

person do you think we got two different

issues here one is is could you swap

these between another person we don't he

the president could make it like that if

they wanted to for corporations to give

them essentially what is a a season pass

that you could swap between users those

things exist in the world as a concept

so he could decide to do that the second

piece is how valuable they are are they

worth five million or are they worth a

million which which would sell the most

the way this is proposed by Trump and

letnik is it's $5 million for basically

a green card you get permanent residents

in the United States you get to live

here permanently yeah they're getting

rid of the E5 program after this that's

their proposal and so here's here's the

MTH let me ask you guys a question Jamal

jakal how many people in the

world have a net worth above a 100

million oh above a

hundred uh well we know that there are

like 5,000 four or 5,000 billionaires is

the estimate I think globally so a

millionaire well I think that there's a

lot there's a lot of hidden billionaires

so I would Russia and China even in

America I would guess that there's at

least 10 or 15,000 billionaires in the

world 100

millionaire and so then as a s probably

50,000 that's what I said 28,000 40% of

whom are in the US which means there's

17,000 who knows that number is real

come on yeah these these numbers are all

made up so I I you know how many Russian

oligarchs have $100 million

a l okay so whatever fudge Factor you

want 17,000 is the reported number of

100 millionaires outside the US do you

think that that's the cut off for people

that would spend five million and then

what percent of them would buy a US

green card for $5 million oh I think

people with 20 million who are overseas

in Venezuela or the Middle East would

spend 5 million on it if it was a path

to them becoming a US citizen you

advertise that over a lifetime you could

make twice as much money living here so

I think the numbers like if you had $20

million you would give 25% of your

current net worth to get into the US of

course you're going to buy a house here

worth 10 million and Donald Trump said

that you would not have to pay any tax

on foreign assets right right easy peasy

it's a True Green Card yeah that is real

no no no a real green card is what I had

which is your Global income is taxed

that's true so it's worse meaning the

green card is worse than this this is

way better so if if I had to do it again

and this was available to me out I'm not

sure million bucks I'm not sure there's

a million buyers I think there's

probably 10,000 Max buyers of this thing

is my take the over of 10 I wouldn't

take the over of a million I think

you're right on the Million number is

that what did Trump say he said there's

a million Market

Nick the most probable is 1 to 2500 I

think that's probably right but you

didn't ask total you ask in year one and

I mean you it takes six months to get

anything done this poll is this poll is

dumb the real question is how hard will

they be vetted because I think the point

is there's a lot of gray money around

the world so the question is can you

bring it into the light right so how

many like look I I know of many people

in India many who are extremely wealthy

in ways that we don't understand and

their wealth is literally like in cash

it's in Gold how are they supposed to

kind of like if they wanted to like

raise their family in America because

now it's possible how do they do that

how do they how do they take their

assets do you go to JP Morgan and all of

a sudden like you show them this golden

visa and they say great we're gonna if

there's a workaround to like the kyc AML

laws honesty freeberg you could sell two

million of these

things don't think so if you literally

have to go through the

existing set of Frameworks on like ofac

AML kyc all that stuff it's probably in

the tens of all I have to say is this is

one of the greatest proposals ever and

oh it's great it's fan freaking tastic

combined with Doge okay uh if he gets

this done if he gets do but I agree with

you by the way accredited investing done

if he gets those three things done I'm

voting for his third term we're going to

redo the uh Jason just explain to us

your your personal interest in

accredited investing what's the grift

connection I'm not sure I'm fully

tracking it's not a grift connection I

feel like there's a bunch of people

stealing money doing crypto scams and

that all of that would be solved If

people could just

take a test to become an accredited

investor which is like currently six or

s% of the country and then they would

understand diversification and you know

how different devices work convertible

debt whatever and if they did understand

that you could take people who are

gambling in the stock market and allow

them to invest in private Market

companies and I believe that would

create more this issue we brought up in

the last segment about poor people not

being able to become rich people and

upward Mobility upward Mobility could be

very easily hold on let me finish my

upward Mobility could be so much better

if a person who's in Uber driver or an

HR person working you know at a company

could put $500 $1,000 instead of betting

on the Nicks or the Jets God forbid they

could put that $500 into this new

product or service they're using

LinkedIn or this new product service

they're using and then that would allow

more startups to get created there are

so many people who contact me after

reading my book and say I want to invest

in startups they can't and I think they

would be so much better off putting a

$100 or $500 into a startup than just

wasting it at roulette great I'll take

the opposite okay goad and I'll tell you

why I think you're right it would be

great but they should buy the S&P they

should buy the SNP index proven scaled

audited profitable well vetted solid

fiduciary responsibility with public

board companies yep if you learn from

the the problem is most of these people

most people even smart VCS even

intelligent people make extraordinary

mistakes in the startups that they back

I don't think that we have a shortage of

startups I think we have a shortage of

good startups and I think but if you if

you flood the market with capital you're

going to see the same problem we've had

with every Venture Capital cycle or

every private cycle which is you get a

whole bunch of that gets funded

that shouldn't get funded that ends up

eating a lot of people's money and

unfortunately when people are less

sophisticated and they enter the private

investment markets they're not going to

necessarily be left well off they're

going to end up getting scammed in a

different way someone's going to show

some crazy fancy PowerPoint to them take

their money and they're gon to get eaten

up which won't happen if they buy the

S&P go ahead okay yeah so let me counter

all that they should buy the S&P sure

and they can do that today right they

can get a Robin Hood account 11% a year

perfect and that's the protectionist

paternalistic approach that we've had

what that doesn't do is it makes them

nice and safe and then their $1,000

becomes 1,70 next year and $150 the next

year great they learned one lesson the

rule of 72 in compounding interest

that's the only lesson they learn but

when you start betting on startups you

learn how entrepreneurship Works how

product Market fit works and so sure put

80% into index fund and put 20% into

investing in private companies they

would learn more and when Uber wanted to

give Uber drivers access to buying

shares they're not allowed to and so the

rich can buy whatever they want they can

make whatever bets they want they can be

a private Equity they can be in all

these things that have the chance to

100x to 10x but poor people can't all

I'm saying is if they're educated and

they take a course let them do take a

little bit of risk in an intelligent

fashion and let them learn about

entrepreneurship I grew up blue collar

and I didn't have exposure to how

private for company formation worked I

didn't understand any of this I had to

battle my way to learn all of it if you

had a course and people could go just as

easily as they go to prize picks which I

bet on every Knicks game and they could

go just as easily to prize picks as they

could go to coinbase as they could go to

a private Market company invest that

would be better for Upward Mobility so

you're right people are going to lose

money but they're going to learn what do

you think Jam settle the difference

between the two of us I think that both

are true I think that we're all much

better off just owning indices or at

least that was true I think the the

problem with these indices right now is

those are not really well balanced

indices because the rules have changed

and the rules have changed because these

companies have been smart enough to

Lobby folks like S&P and S&P has allowed

these thresholds to creep up and so now

when you're buying the S&P 5 00 you're

not doing that anymore you're buying the

S&P 7 and then the rest in the 493 is

you know 60% so if that's what you want

that's fine so we'd have to fix the ETF

Market to make sure that there was a

little bit more transparency and there

was more

balance but these weighted indices are

basically just the mag s that that's

neither good nor bad I'm just saying

that's what it is and so yeah and I'm

just saying it just creates the same

problem people think they're buying

diversification because you're like hey

go here and it's diversifi ands out not

not not even diversification just like

vetted like mature real companies versus

what I think will happen which we've

seen time and again with people that are

not sophisticated or experienced when

they first enter a new a new market any

Market is this process of adverse

selection which is you have predatory

practices predatory pitches that show up

and say invest in this it's a great deal

this is the new thing most people aren't

able to vet that thing and they end up

getting taken advantage of and that's

the problem they're getting taken

advantage of it every crypto thing right

now so all I'm arguing for is more

education and a path for those people

who want to do it to show 5 hours of

Education 50 questions that they have an

above average you know knowledge of how

private companies work just so they have

the choice to do that I think the

balance that PE we will have to strike

is there are a lot of people that are on

the outside looking in with no assets

and then second there are a lot of young

people who want the high alpha

opportunities yes like crypto represent

and so free it's easy for you to pull

the ladder up from under you because

you're already rich but for people that

are not rich and if you went back to

when you were poor the question is how

would you have reacted if somebody above

you basically said I'm going to tell you

what you can invest in and would you

have said okay that seems reasonable I

know you're looking out for me I that's

question don't disagree with that I

think there's a reason we have

Securities regulations and securities

laws that public companies have to

follow but private compan are more LAX

on that's that's where there's this

distinction so I don't disagree that's

not that's not what I'm saying I'm

saying when now that you're rich you

want rules for everybody else what I'm

saying true don't don't don't

mischaracterize me chamad that's not

true at all I'm obviously a free market

guy I don't give a poor people

invest in I'm not I'm pointing out the

consequence of what would happen I'm not

saying I disagree with the notion

to telling you what I think is gonna

happen Okay what I'm asking you is go

back to when you were poor how would you

react I would want to invest in

everything I'm not disagreeing with the

notion I'm pointing out what will happen

which is predatory ass will show up and

they'll rip people off that's what

happens in everyone of and if you're

educated that's why the education

component hits here you'll learn

something just like people are learning

right now to not bet on the jets ever

what do you think the solution is people

can lose their ass they just need to

know they're going to lose their ass I'm

just telling you that's what's going to

happen and then you know what's going to

happen next Elizabeth Warren's going to

get on TV and be like hey we got to fix

this put a bunch of no cares what poah

has to say that's how this goes I'm

pointing out this is what happens

markets yeah I agree with you that is

the cycle but what I'm saying is how do

we fix it then how do you allow people

that don't have assets to have assets

that work for them how do we how do we

do even as as you guys know we looked at

the data even the best Venture Capital

firms in Silicon Valley with the

smartest most sophisticated people

investing in private assets were not

able to beat the NASDAQ over years get

that's true what I'm saying is what you

were saying before this is I'm confused

what you were saying before is people

should only be allowed to invest in the

I didn't say that that is what you said

that's not what ICT what you said that

is what you said that is exactly what

you said I said here's what's going to

happen I said here's the consequence

predicting Doom got it yeah here's the

other possibility of what happens eBay

Etsy

Airbnb door Dash say to the people who

are part of their networks for every

hundred rides you do we're going to give

you $100 in shares for every hundred

night you book we're going to give you

,000

in shares of Airbnb and by the way you

can buy extra shares if you want to and

the government says you can spend up to

20% of your yearly income average for

the past few years on investing in

startups and then some number of people

who built those networks whether it was

Google's Network or eBay's Network or

Ubers or door dashes or were part of

Tesla some number of those people are

going to hit massive home runs and

they're going to move from the bottom

third to the middle third and then

number of those people are going to say

you know what I got really educated I

looked and I understood Tesla and I

understood Uber so now I'm going to bet

on this AI self-driving company and I'm

going to bet on this other company that

makes robots and delivers you know vetos

and the entire group of people in our

United States is going to get more Savvy

about entrepreneurship and capital

allocation that's a good thing I think

what's going to happen is not much of

anything I think the rules are going to

stay exactly where they are in favor of

the top 10% because I think this

argument between the two of you is

exactly the reason why it can never

change and I think that that now again

so then what is the alternative maybe it

comes back to what I said before which

is then the only alternative left is

just to debase assets and then if you

debase assets and make them much cheaper

then there's less money theoretically to

lose per Quantum of investment so maybe

that's that's the right way to think

about it we got to get more people

owning equities in this country that's

just high order bit because if you feel

like you have more agency in your life

and you're just smarter and savier

that's the American dream and we've lost

the American dream to your point in the

earli segment month half the country

doesn't feel like they can ever get into

the top half they don't feel like

they'll ever be able to buy a second

home or even a first so you have this

helplessness of one group of people who

are like I need a handout and the other

group of people are like got any stock

tips where are you making money what can

I place a bet on we're sitting here at a

rigged game we all get to play in one

casino and then everybody else gets to

work in the casino I just want the

people work in the casino to be able to

place some bets and maybe become owners

in

businesses hey you know I I think

talking about the US Postal Service is

interesting it turns out Trump is going

to issue an executive order to dissolve

the leadership of USPS and the postal

service is going postal about this in

some ways uh not literally but they're

angry about it and they want to observe

the absorb the agency into the executive

branch uh just so you know post office

has been operating for 250 years Trump

plans to fire the governing board and

place the agency under the control of

Commerce lutnick Commerce and for

contacts US Postal Services lost $10

billion last year on 80 billion in

Revenue they can't figure out how to

just make a simple profit margin or even

break even and IT employs

635,000 workers by the way Howard did an

interview with Fox News yesterday where

he said one of the ideas that he went

back to the president with was for the

postal service to the census which would

save 4 billion a year give him another

idea which is I think that non-farm

payrolls and

GDP that data should be collected by

USPS as well because they touch every

business you can actually get instead of

sampling with all this error and all of

this craziness that we have there has to

be a way for then all of these feet on

the street to get us much more accurate

information so that the markets can

actually function properly I am

surprised

that we don't see even more dramatic

revisions and that probably again is

like errors on top of

Errors I really don't trust like you

know you showed the GDP data or you

showed the unemployment rate Jason no we

all know this stuff is crazy it's wrong

I just don't know how wrong it is yeah

and this is where Stripes data might

come in handy uh I I did a tweet about

this and it's one of the most popular

tweets or controversial I got three and

a half million views here without an

Elon retweet or anything I had a very

simple concept here Postal Service goes

down down to one time a week easy peasy

once a week there's nothing coming in

the PO US Postal Service that's that

important two all citizens starting next

year have to opt into getting postal

mail by paying $1 a year so you got to

sign up for it you got to give them a

credit card or something I'm

thinking 80% of people don't even bother

because it's all flyers and garbage

anyway and what people don't know

because I was in the magazine business

and I knew all about this we had a

magazine rate a media rate and all these

marketers have they subsidized so this

is the ultimate marketing and Publishing

grift magazines newspapers anybody uh

Publications advertisers catalogs they

pay nothing and I think they should just

double or triple the rate or remove any

discounts uh and then take all those

buildings chth put them into the new

Sovereign wealth fund redeploy the

buildings get some money out of that

give every postal work or two-year sance

or you know whatever graduate it down

full full year Severance half year

Severance quarter year severance you

retrain them and uh just let the private

markets handle this what do you think

jamtha my suggestions there was a tweet

from this woman who got leak some data

uhhuh from one of her friends or

colleagues in the government where they

broke down I think seven or eight leases

and real estate things that were

happening inside of I think it was

Veterans Affairs

maybe the numbers are just astounding

yeah half the office bace is not being

used the other half is being

underutilized it's Bonkers Bonkers

they're going to be able to sell 75

percent of the stuff so anyway you know

don't blame me here but I think it's

like a really good opportunity our guy

Jeff Bezos come on the Pod Jeff sit in

the uh sax chair one time that'd be fun

to have him on he's making some big

changes at the Washington Post he's lost

a fortune running this thing and um it

seems like he's getting engaged and in

founder mode dare I say he uh posted to

his X account and he emailed everybody

that the editorial page is going to be

run differently he said

uh that while newspapers once had a

mandate to publish opinions from the

broadest possible Spectrum the internet

now mostly covers that he said I'm

confident that free markets and personal

Liberties are right for America I also

believe these viewpoints are underserved

in the current market of ideas and news

opinion so he's going to focus on those

two pillars personal Liberties and free

markets this seems awesome and I could

get into why it's brilliant on a

publication basis but I'm just wondering

what your thoughts are with him getting

more engaged with the publication that

he was incredibly hands off with I was a

little surprised that he wrote this I I

I think that if you want to write about

personal

Liberty one of the tenants of personal

Liberty is Free Speech but he's

effectively said that

certain opinions aren't allowed anymore

I don't think that that's the solution

to the Washington Post so I all I think

it does is it polarizes the readership

even more I looked yeah inside of Google

Trends the overwhelming majority of wapo

readers are in obviously Washington DC

and then Maryland and Virginia Which are

the two surrounding states so I think

it's very much a Beltway paper I think

he's trying to have a direct influence

on the ideas that folks inside the

Beltway read and so in as much as he's

the owner he's allowed to do it but I

wasn't a fan of that idea because I

think I think the Elon plan is much

better here's a fire hose go at it you

have to find the

people despite all the conspiracy

theories I don't think he suppresses

free speech in the least in fact I think

it's a literal free-for-all inside of X

it is a free-for-all I we got Nazi

Diamond pendants coming from Kanye the

difficulty in X which I think will be

the next set of features that he'll have

to figure out is how the curation

happens yeah where you're curating I'm

curating other people are curating how

can then for example like when I go to

an account that I like there's no easy

way where I can Mass follow a bunch of

their the people that they follow as an

example right I can't just copy it I

can't sort of start with a profile those

are all these things that allow you to

just take on all kinds of opinions right

away and filter from there I think that

that is a really useful

feature so I don't know I I didn't think

that if I was the owner of Washington

Post I would have been even more extreme

on the Free Speech part I would not have